“The global graphene market is anticipated to surpass the valuation of USD 7,555.8 million by 2028. It is estimated to grow with a CAGR of 37.3% in 2021-2028. Graphene is the thinnest material known which is one atom thick. This is not just the thinnest among all but also extremely strong. Graphene is 200 times stronger than steel expected to replace steel in many applications. Its excellent heat and electricity conductivity have applications in various industrial possibilities.”
Graphene has gained prominence and attention across industries due to its ability to integrate with almost any industry. This carbon-based super material is inviting investors to invest in graphene. Their durability, flexibility, and conductivity are key characteristics leading ways for businesses to invest in this new possibility. The extraordinary properties of graphene are under consistent scrutiny by industry experts.
What Makes Graphene Market an Epicenter of Future Business Applications?
Energy Applications – Graphene Power for Next EV Generations
Industry experts are designing flexible, light, and transparent solar cells. Graphene has given them hope due to all its properties to carry the expectations. Companies working on the development of solar cells that can be mounted on a flexible graphene surface will be the next breakthrough in the application of graphene.
Graphene battery technologies undergoing a tide of transformation in recent years. Flammable electrolytes in Li-ion batteries raised concerns about consumer electronics. However, non-flammable graphene batteries are considered a safe source of energy for electronics.
Graphene batteries are another incredible segment for companies to look for in 2024. Long lifespan, fast charging, and high capacity are desirable properties of graphene. This material is likely to gain traction in demand in wearable electronics.
In nuclear power plants, graphene is highly efficient as a low-cost membrane to produce heavy water. Power plants need heavy water coolants during production. Graphene’s potential in thermoelectric has opened the door to opportunities for companies in electricity production.
Recent findings on proton’s ability to pass through graphene would have a positive impact on future fuel cell performance. It will reduce fuel crossover currently affecting the efficiency and durability of fuel cells.
Graphene in Healthcare – Smart Implants and Targeted Drug Delivery
Graphene is used in treating cancer tumors. Carriers made with graphene precisely target cells and reduce toxicity risk for healthy cells. Several other anti-inflammatory drugs are carried out with the use of graphene. Early-stage detection of cancer is desired by experts. Graphene can early detection of cancerous cells early and intervene right information on cancer cells.
In gene therapies, graphene proved efficient in cure of some genetic diseases. In photothermal therapies (PPTs), graphene is unfolding use in multiple ways. It is used in chemotherapeutic drugs. Texas A&M University has highlighted the use of graphene with biocompatible porphyrin for PPT has promising results over alone PPT.
Researchers are focused on exploring the potential of graphene sensors in blood sugar monitoring. This could be a potential investment area for companies providing painless sugar monitoring solutions. Graphene membranes can filter blood from drugs which leads to faster dialysis.
In bone and teeth implants graphene has been combined with hydroxyapatite. This combined application worked wonders on the strength, corrosion resistance, mechanical characteristics, and flexibility of implants.
In biosensors, graphene oxide assists in the detection of DNA and thrombin. Several medical companies already entered into this segment and selling graphene medical sensors. Chinese companies have developed a bio-integrated device that can translate sign language to text or speech. Biosensors made from graphene and silicon combined with gold particles are effective in the quick detection of HIV. Its ability to detect small amounts of substances is expected to open space for medical companies in the future.
Graphene in Self-healing Construction Composites
Graphene has created an indispensable place in the construction sector. Composites of graphene tend to increase the lifespan of concrete. Due to the addition of graphene construction composites are improved in terms of flexibility and mechanical strength. These composites are highly demanded in the construction of roads, and buildings. Composite of asphalt and graphene are well-known mixed derivatives. Fire retardant properties graphene-based materials are used as insulators.
The tremendous reinforcement potential of this material contributes to its rising adoption. Due to their nanoscale size, graphene nanoplatelets are used in the production of thermoplastic. Graphene-based materials come with functional flexibility for structural and activation changes. The possibility of graphene formation from agriculture waste has further raised hope for sustainable solutions for the future graphene market.
Graphene for Durable, Glowing Aesthetics
In paints and coating, stability and durability are desired material properties. Polymeric compounds are currently used for coating solutions. However, the efficiency of these coats depends on other parameters such as the impact of erosion, and climate conditions. In coming years, self-healing materials are estimated to remain brand differentiators among brands. Apart from polymer composites, graphene is found in ceramics, metals having self-healing ability.
It is possible that a wall will start glowing and soon will replace bulbs. Credit goes to graphene-based electrode technology making displays thinner than ever before. Glowing wallpapers are anticipated to bring transformation in the way interiors are imagined and designed.
Graphene Electronics – Graphene to Replace Silicon
The light generation potential of graphene is explored by companies over conventional methods. It is expected to become more compact and controllable in the future opening scope for industrial milestones. Ongoing Chip-crisis is indicating material research. Graphene electronics can help companies in realizing their chip dream. Graphene can create the smallest, efficient, and faster computer chips. This discovery is estimated to attract finance flow in this application in the coming years. Significant support from governments is also available to companies exploring graphene electronics space in developing countries.
At present majority of electronics use silicon, while in the future electronics would rely on graphene owing to its ultrathin nature. Its ability to form super thin and compatible touchscreens is attracting investors. This material has opened many ways for investigating unconventional applications and conductivity. Graphene market is all set to replace ‘Silicon Valley’ to form Graphene Valley for electronics.
In wearable technology, graphene is a new material focused by manufacturers. Companies are looking forward to developing flexible graphene batteries. E-textile is being focused in the context of energy energy-efficient future. Graphene-based thin film is used in touchscreens of smartphones and computers. With fabrics that can charge our phones, we need not carry heavy power banks in the future. Graphene touchscreens are used in bendable touchscreen smartphones. Compact foldable smartphones are new opportunities for electronic manufacturers.
Food Packaging
This allotrope of carbon consists of a single layer of atoms that extends over the complete sheet. Nanotech has advanced applications in the food industry. Graphene nanocomposites have improved thermal and anti-microbial barriers that make them prominent in food applications. Graphene-based coats can improve the barrier properties of packaging and help in improving shelf life.
Graphene can be used to create antimicrobial coatings on packaging material which restrict the growth of bacteria and fungi helping to keep food fresh and safe. Graphene-based sensors can be used to monitor food packages and freshness. RFID tags can be future food-tracking applications of graphene in food supply chains. The aforementioned factors are foreseen to reflect an increase in graphene market share.
Water Filtration- Graphene for Purity
Graphene membranes are capable of filtering salt from water which means graphene could be a great fit for desalination technology. The water permeability of this material is far better than conventional membranes used for reverse osmosis. The development of new water technologies is among the key initiatives.
Graphene has the potential to be used in filtration technologies. Innovative graphene filters can be used for portable water purification and household filters. Membrane filtration mechanisms are used to remove microfiltration allowing the removal of bacteria and pathogens. Companies investing in the graphene market are anticipated to get lucrative responses from customers.
Opportunities for Graphene Market Players
Lower Cost of Graphene Fabrication
A full-force wave of commercialization in the graphene market has led to escalated demand for production. High-quality graphene doesn’t have a band gap. This means there will not be an energy breakdown. The band gap needs to be engineered to reduce the mobility of electrons. However, the production of the needed volume of graphene is also a challenge ahead of market players. Rising methods of graphene production were not sufficient to meet the integration of graphene with other materials. Ever since its first commercial appearance cost of production has considerably come down. Still, companies face difficulties due to the high cost of initial materials.
As per an industry survey, the main barrier to the commercial adoption of graphene is high cost. About 30% of surveyed companies cited that high cost is a barrier to graphene market expansion. Other factors affecting the widespread adoption of graphene are method of production, distribution tactics, and quality of the material.
Production of Green Graphene – An Eco-Edge for Graphene Market Players
Companies are exploring underused resources of biomass which could be a starting material in the production of graphene. Unfortunately, most biomass materials are difficult to convert into graphene without the use of metal catalysts. Cellulose is proving a challenge ahead of green graphene realization.
Fruitful Niche with High ROIs in the Graphene Market
Niche applications such as thermal management, membranes and filters, and DNA sequencing could offer quick turnover to companies. These pioneers will also create a domino effect among other market players leading to a rise in the adoption of graphene. Broadening graphene spectrum standardized definitions is anticipated to speed up commercialization.
Spain is staking an early claim in this nascent market. Already, the country has produced at least four companies working on everything from a stronger yet lighter and more flexible form of concrete to battery cells set to be manufactured later this year for electric cars. These nanotech start-ups were among the first to seek an early market advantage, overcoming strong economic headwinds due to the country’s recession, stagnant demand, falling prices, and a credit drought.
Regional Outlook
Globally graphene market is dominated by Asia Pacific which accounts for approximately USD 256 million in 2020. The market here is segmented into Australia, China, India, Japan, and South Korea. Major graphene market players are cantered into Australia, Japan, Singapore, Taiwan, and Indonesia. Growing demand from consumer electronics, construction, and other end-use industries in this region is attributed to the growth of the graphene market.
South Korea is anticipated to remain the dominant market in graphene production in the forecast period. China will also play a crucial role in graphene developments in the context of ongoing Chip wars among key market players. Supportive measures and regulatory policies have been made by the country to gain a competitive edge over others.
Propelling geopolitical interest in chip manufacturing is anticipated to create a favorable business environment for graphene market participants. UK, Germany, and France are estimated to play crucial roles in graphene patents. The US and Japan have started earlier in the graphene market so anticipated to remain at the forefront of graphene innovation in the coming decade.
The latest from Graphene Community
16 Oct 2023 > Graphene Hackathon 2023
Recently Graphene Hackathon was organized by Manchester University. The event was intended to call participants across the globe to showcase graphene research and gain knowledge from experts. This event was crucial for encouraging the rethinking of graphene production methods and gave a push to entrepreneurs in rapid graphene market learnings.
27 Oct 2023 > Multimodal Graphene-based e-textiles
Korean Institute of Machinery and Materials has developed a graphene-based e-textile for the first time. Laser-induced graphene on e-textiles is formed using direct patterning instead of using toxic chemicals. With high-quality laser-induced graphene (LIG) e-textile products can be manufactured in an eco-friendly way.
Future Outlook
Continuous advancement and research in graphene are likely to drive the growth of market players. The flexibility and conductivity of graphene have opened hope for e-textiles and wearable clothing. Graphene is crucial in desalination and water purification applications in the future. While the graphene market is estimated to grow it is important to consider challenges such as scalability, cost of production, standardization, and rate of adoption by end-use industries. Companies need to prioritize green graphene production to ensure business goals along with sustainability.
References
Statista- Main Obstacles to commercial adoption of graphene worldwide 2020
Forbes- Materials That Will Change the World
Digital trends- Future chips may be 10 times faster, all thanks to graphene
The Graphene Council- Graphene Hackathon 2023
